Corn Falls, Soy Climbs on New USDA Forecasts

U.S. forecasters again cut their estimates for the nation's corn and soybean harvests as a widespread drought continued to take a heavy toll in the Farm Belt.

But the Agriculture Department made a smaller reduction in its forecast Wednesday for this fall's corn crop than analysts were expecting. Corn-futures prices, which hit a record last month, fell more than 1% after the report to trade at two-month lows. But soybean prices jumped...